RBI slaps Five Crore penalty on Airtel Payments Bank
Posted Date : 10-Mar-2018 , 09:18:11 am | Posted By CASANSAAR
RBI has imposed a penalty of Rs 5 crore on Airtel Payments Bank for violating operating guidelines and Know Your Customer (KYC) norms. The fine was imposed after RBI scrutinised the bank’s documents relating to opening of accounts without any specific or clear consent from the customers....
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RBI slaps Rs 40 lakh penalty on SBI for flouting fake note norms
Posted Date : 08-Mar-2018 , 08:38:08 am | Posted By CASANSAAR
The Reserve Bank of India has imposed a monetary penalty of Rs 40 lakh on State Bank of India for non-compliance of its directions on detection and impounding of counterfeit notes.
An RBI notification issued from Mumbai today informs that the action is based on deficiencies in regulatory co...
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RBI tightens PSL norms for banks by directing them to create sub-targets
Posted Date : 05-Mar-2018 , 10:17:18 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has further tightened the priority sector lending (PSL) norms for foreign banks by directing them to mandatorily create sub-targets so that they lend a portion of their loans to small and marginal farmers as well as micro enterprises (MSMEs) from April.
The m...
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RBI increases exposure limits for residents, foreign investors
Posted Date : 28-Feb-2018 , 10:30:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has increased the exposure limits for residents and FPIs in the exchange traded currency derivatives (ETCD) market.
“It has now been decided to permit persons resident in India and FPIs (foreign portfolio investors) to take positions (long or short), without ...
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RBI launches Ombudsman Scheme for NBFCs
Posted Date : 24-Feb-2018 , 09:45:00 am | Posted By CASANSAAR
The RBI launched 'Ombudsman Scheme' for non-banking financial companies (NBFC) for redressal of complaints against them.
"The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the Scheme,&...
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RBI asks banks to accept notes & coins of small denominations tendered at their counters
Posted Date : 16-Feb-2018 , 09:43:36 am | Posted By CASANSAAR
RBI has directed all banks to accept small denomination notes and coins tendered at their counters. The apex bank issued a notification in Mumbai yesterday, saying such denial of service causes inconvenience to the public at large as shopkeepers and traders refuse to accept coins for payment of good...
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RBI's new norms on bad loans wake up call for defaulters - Govt
Posted Date : 14-Feb-2018 , 09:32:51 am | Posted By CASANSAAR
In a bid to hasten the resolution of bad loans, RBI has tightened rules to make banks identify and tackle any non-payment of loan rapidly, a move the government said should act as a "wake up call" for defaulters.
The Reserve Bank of India abolished half a dozen existing loan-restructuri...
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RBI issues revised guidelines for expeditious resolution of bad loans
Posted Date : 13-Feb-2018 , 09:40:43 am | Posted By CASANSAAR
Reserve Bank of India has issued a revised framework for expeditious resolution of bad loans, harmonising the existing guidelines with the norms specified in the Insolvency and Bankruptcy Code (IBC).
The new guidelines have specified framework for early identification and reporting of stres...
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15 months after note ban, RBI still processing returned notes
Posted Date : 11-Feb-2018 , 08:18:26 pm | Posted By CASANSAAR
The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high value currency 15 months ago, are still being "processed for their arithmetical accuracy and genuineness".
This is being done in an "expedited manner", the central bank said...
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Delhi HC seeks response from RBI on protection of online transactions
Posted Date : 09-Feb-2018 , 09:28:45 am | Posted By CASANSAAR
At a time when the Centre is encouraging people to adopt digital transactions, some banks are allegedly not enforcing RBI directions to provide an additional authentication system for online transactions. The Delhi High Court has decided to examine the issue to protect consumers from rising incident...
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RBI warns for fake website of RBI
Posted Date : 09-Feb-2018 , 09:26:37 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday cautioned members of the public that it has come across a fake website www.indiareserveban.org created by some unknown person(s) with a layout similar to the original RBI website and containing a provision for ‘Bank verification with online account-holders...
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RBI to link base rate with MCLR
Posted Date : 08-Feb-2018 , 08:31:29 am | Posted By CASANSAAR
The Reserve Bank of India has said that it will link the base rate with the MCLR from 1st of April this year to ensure expeditious transmission of its policy rate to borrowers. In a statement, RBI said, though it had introduced the Marginal Cost of Funds based Lending Rates (MCLR) system with effect...
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RBI's Monetary Policy Committee (MPC) meeting to begin today in Mumbai
Posted Date : 06-Feb-2018 , 09:37:03 am | Posted By CASANSAAR
Reserve Bank of India’s Monetary Policy Committee (MPC) meeting will begin today in Mumbai. The six-member MPC headed by RBI Governor Urijit Patel will meet for the Sixth Bi-monthly Monetary Policy Statement for 2017-18.
RBI may keep policy rates on hold this week. It may toughen its warnin...
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FinMin invites fresh applications for RBI Dy Governor post
Posted Date : 02-Feb-2018 , 09:06:54 am | Posted By CASANSAAR
The finance ministry sought application from eligible candidates for the post of RBI Deputy Governor, a position that fell vacant after S S Mundra retired on completion of his three-year term on July 31, 2017.
Although interviews were conducted on July 29 last year, the government has decided to ...
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RBI Act to be amended to provide new liquidity management tool
Posted Date : 02-Feb-2018 , 09:00:59 am | Posted By CASANSAAR
The government will amend the Reserve Bank of India Act to allow the central bank to suck our excess liquidity from the money market without offering any securities as collateral.
This will provide the RBI a new tool in liquidity management particularly in times when the money market liquid...
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RBI warns banks about crypto risks, wants higher scrutiny
Posted Date : 25-Jan-2018 , 08:53:51 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has warned lenders about cryptocurrencies, telling them to step up scrutiny of financial transactions by companies and exchanges involved in the trade of bitcoins and similar digital tender, said two people aware of the matter.
While the central bank stopped ...
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RBI, Govt may give banks more time to switch to IndAS
Posted Date : 23-Jan-2018 , 08:51:32 am | Posted By CASANSAAR
The government and the Reserve Bank of India (RBI) may postpone the implementation of new accounting standards for banks because of the legislative changes and additional capital requirements the process would entail, according to three senior officials familiar with the matter.
Banks and non-ban...
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RBI says all 14 types of Rs 10 coin valid, legal tender
Posted Date : 18-Jan-2018 , 09:06:07 am | Posted By CASANSAAR
Dispelling rumours and addressing the reluctance of traders to accept Rs 10 coins, the Reserve Bank of India said that all of the 14 designs of the coin are valid and legal tender for transactions. "It has come to the notice of the Reserve Bank that in certain places there is reluctance on part...
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Existing NBFC cannot operate as peer-to-peer lender - RBI
Posted Date : 11-Jan-2018 , 08:58:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) notified that existing non-banking financial companies cannot operate as peer-to-peer lenders. Further, new applicants for peer-to-peer lending license will need to provide the list of promoters and the source of funds for the minimum capital requirement of Rs20mn, th...
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RBI begins PCA against Allahabad Bank
Posted Date : 05-Jan-2018 , 01:26:54 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has initiated prompt corrective action (PCA) against public sector lender Allahabad Bank, owing to its high net non-performing assets (NPAs) and negative return on assets (RoA) for two consecutive years.
While in 2016-17, the bank’s net NPA ratio stood at 8.9...
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RBI levies Rs 5 crore penalty on Syndicate Bank for breaching KYC norms
Posted Date : 17-Dec-2017 , 11:04:29 am | Posted By CASANSAAR
Syndicate Bank has emerged as the latest entrant on the Reserve Bank of India's hit list for violation of norms.
The central bank on December 12 imposed a monetary penalty of Rs 5 crore on the public sector lender for violating the Know Your Customer (KYC)/Anti-Money Laundering (AML) norms.
...
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RBI takes to SMSes, missed-call helpline against prize frauds
Posted Date : 10-Dec-2017 , 07:55:46 pm | Posted By CASANSAAR
Taking the fight to the arena used by fraudsters promising prize money from the RBI, the central bank has itself launched an SMS campaign and a 'missed-call' helpline to warn people against such scams.
Typically, such fraudsters make calls or send SMSes and emails to gullible people promi...
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RBI rationalises charges on debit card transactions
Posted Date : 07-Dec-2017 , 07:18:17 pm | Posted By CASANSAAR
In order to promote digital payments, RBI has come out with differentiated merchant discount rates (MDR) for debit card transactions, prescribing separate caps for small and large traders.
MDR is the rate charged to a merchant by a bank for providing debit and credit card services.
As pe...
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RBI keeps repo rate unchanged at 6 per cent
Posted Date : 06-Dec-2017 , 07:51:20 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has kept the key interest rate unchanged at 6 per cent in its fifth bi-monthly monetary policy review for the year 2017-18 today.
The central bank has raised inflation forecast to 4.3-4.7 per cent in third and fourth quarters of current fiscal and kept the economic...
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RBI reiterates its concern over use of virtual currencies
Posted Date : 05-Dec-2017 , 07:21:51 am | Posted By CASANSAAR
The Reserve Bank of India, RBI has reiterated its concern over the use of Bitcoins and other virtual currencies saying it has not issued licenses or authorisations to companies to trade in these currencies.
Earlier on two occassions, the RBI has cautioned users, holders and traders of Virtu...
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RBI may hold rates at policy meet this week
Posted Date : 04-Dec-2017 , 11:03:12 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is widely expected to keep rates on hold following the forthcoming monetary policy committee (MPC) meeting on December 6. Many economists believe that rates have bottomed and money markets will move from a liquidity-surplus situation — experienced since demoneti...
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RBI asks cooperative societies not to use word Bank in names
Posted Date : 30-Nov-2017 , 09:15:05 am | Posted By CASANSAAR
The RBI has asked co-operative societies not use the word 'Bank' in their names as it violates the Banking Regulation Act.
In a statement, the RBI said that it has also "come to the notice" that some co-operative societies are accepting deposits from public which tantamoun...
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RBI, EC have no info on bonds for political parties funding
Posted Date : 25-Nov-2017 , 09:37:38 am | Posted By CASANSAAR
The Reserve Bank of India and the Election Commission have no information on electoral bonds, which were announced about nine months back for the funding of political parties, according to an RTI reply.
"We have no information to furnish," the central bank said in its reply to the RTI q...
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RBI relaxes 26% debt-equity conversion cap for ARCs
Posted Date : 24-Nov-2017 , 08:31:07 am | Posted By CASANSAAR
In a major boost to the asset reconstruction companies (ARCs) the Reserve Bank today relaxed norms capping their shareholdings at 26 per cent in the borrower firm under reconstruction, provided their net-owned funds are maintained at Rs 100 crore.
Earlier ARCs could convert a portion of the debt ...
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Government seeks Rs 13,000 crore surplus from RBI
Posted Date : 20-Nov-2017 , 10:19:00 am | Posted By CASANSAAR
The government has not asked the Reserve Bank to pay any special dividend and is only seeking Rs 13,000 crore of surplus lying with the central bank, Economic Affairs Secretary Subhash Chandra Garg has said.
In August, the RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017....
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